The oil price is refreshed at a three-and-a-half year high and the US dollar stabilizes its pressure on the gold price.
On Thursday (June 28), due to the tense situation in the United States and Iran, plus the previous US EIA crude oil inventories decreased by 9.989 million barrels more than expected, the US Oil once broke through the 74-mark mark and hit a new high since November 2014. However, as the United States clarified the comments made on Iran’s crude oil purchases, oil prices retreated in part.
The US dollar index stabilized above the 95 mark. The price of gold fell for the fourth consecutive trading day and fell to a new low in six months. Although the U.S. dollar fell after the data showed that the U.S. economy slowed more than expected in the first quarter, traders continued to look at gold. Because the market expects any weakness of the dollar will be short-term, because the Fed expects to raise interest rates twice this year.
The EU summit held as scheduled on the rise of the market's concerns about Brexit, plus the US dollar index stabilized at the top of the 95 mark to strengthen the pound decline. The market's uneasiness towards Brexit has always existed. The pound has weakened against the US dollar for the third consecutive trading day. It once fell to nearly 1.3049 in recent eight months.